In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Bracebridge Capital, LLC reported 16 stock positions worth $459.8 million . Its top holding was SPDR Gold Shares (GLD) at 50.8% of the portfolio, followed by Uniti (UNIT, 20.0% ) and Caesars Entertainment (CZR, 6.2% ). Compared with Q1 2026, it opened 4 new positions, sold out of 5, added to 4 and reduced 1. The biggest buy was Uniti (UNIT, shares +4% ) and the biggest sale SPDR Gold Shares (GLD, shares −34% ).
Location BOSTON, MA
CIK 0001426486
Portfolio Value $459.8M (Q2 2026) Holdings 16 stocks · $459.8M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 GLD SPDR Gold Shares 633,450 $233.4M Reduce -33.6% UNIT Uniti Group Inc. 8,023,590 $92.0M Add +3.6% CZR Caesars Entertainment Inc. 946,556 $28.6M New ADT Adt Inc. 3,126,000 $20.3M Add +47.0% SVC Service Pptys TR 11,330,218 $19.1M New FWRD Forward Air Corp. 1,404,913 $19.0M New ALVO Alvotech SA 4,038,637 $14.9M Add +49.3% SPCX Space Exploration Techn Class A 46,345 $7.9M New GNW Genworth Financial Inc. 714,388 $6.8M No change BXMT Blackstone Mortgage Tru Class A 241,700 $4.1M No change ASTL Algoma Steel Group Inc. 924,931 $3.7M No change OSG Octave Specialty Group Inc. 579,234 $3.6M No change AQST Aquestive Therapeutics Inc. 459,216 $1.9M No change RNA Atrium Therapeutics Inc. 139,239 $1.9M No change TRTX TPG Re Finance Trust Inc. 182,157 $1.5M No change PDD PDD Holdings Inc. 13,600 $1.0M Add +17.2%
Options reported separately and not counted above: ISHARES TR calls ($1.8B), ISHARES TR puts ($1.6B), SPDR GOLD TR puts ($477.1M), ISHARES TR calls ($414.7M), ISHARES TR puts ($414.7M), TESLA INC calls ($198.7M), TESLA INC puts ($85.2M), SPDR GOLD TR calls ($81.0M), CAESARS ENTERTAINMENT INC NE calls ($30.2M), SPACE EXPLORATION TECHN CORP puts ($21.6M), SPACE EXPLORATION TECHN CORP calls ($12.6M), PDD HOLDINGS INC calls ($1.5M), and 1 more.
Other holdings (11): bonds, preferreds, convertibles and warrants · $2.4M (not counted above) Security Class Shares / Principal Value Change LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 47,700,000 $2.1M No change AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 50,000 $65K No change TGE.WS Generation Essentials - 30 *W EXP 02/15/202 325,000 $59K No change CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 12,500 $45K No change GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 75,000 $37K No change NUCLW Eagle Nuclear Energy Corp. *W EXP 02/25/203 25,000 $36K No change BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 166,666 $23K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 262,156 $13K No change BGLWW Blue Gold Ltd. *W EXP 04/01/203 75,000 $7K No change DAICW Cid Holdco Inc. -26 *W EXP 12/31/202 62,500 $769 No change TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 12,500 $710 No change
Total filed on the 13F, all lines: $462.2M.
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ GLD SPDR Gold Shares Reduce -33.6% 50.75% −23.32 TSLA Tesla Inc. Sold out 0.00% −2.64 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −0.54 AMC AMC Entertainment HLDS Class A Sold out 0.00% −0.49 OPTU Optimum Communications Inc. Class A Sold out 0.00% −0.41 CCO Clear Channel Outdoor Holdin Sold out 0.00% −0.32
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ UNIT Uniti Group Inc. Add +3.6% 20.02% +6.90 CZR Caesars Entertainment Inc. New 6.21% +6.21 SVC Service Pptys TR New 4.16% +4.16 FWRD Forward Air Corp. New 4.13% +4.13 ADT Adt Inc. Add +47.0% 4.42% +1.90 SPCX Space Exploration Techn Class A New 1.72% +1.72 ALVO Alvotech SA Add +49.3% 3.24% +1.57 PDD PDD Holdings Inc. Add +17.2% 0.23% +0.01
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ ISHARES TR call New 220,101 $1.8B ISHARES TR put Add +627.8% 196,507 $1.6B IWM iShares Russell 2000 ETF put Sold out 62,365 $1.5Bbefore exit SPDR GOLD TR put Add +31.3% 12,950 $477.1M ISHARES TR put New 13,804 $414.7M ISHARES TR call Add +65.0% 13,804 $414.7M SELECT SECTOR SPDR TR put Sold out 30,000 $245.9Mbefore exit STATE STR SPDR S&P 500 ETF T call Sold out 3,500 $227.6Mbefore exit TESLA INC call Add +231.6% 4,725 $198.7M TESLA INC put Add +42.1% 2,025 $85.2M SPDR GOLD TR call Add +10.0% 2,200 $81.0M SALESFORCE INC call Sold out 2,000 $37.3Mbefore exit CAESARS ENTERTAINMENT INC NE call New 10,000 $30.2M WARNER BROS DISCOVERY INC call Sold out 10,000 $27.5Mbefore exit ARES CAPITAL CORP put Sold out 13,350 $24.1Mbefore exit SPACE EXPLORATION TECHN CORP put New 1,265 $21.6M IGV iShares Expanded Tech-Softwa put Sold out 2,000 $16.0Mbefore exit SPACE EXPLORATION TECHN CORP call New 735 $12.6M INVESCO EXCH TRADED FD TR II put Sold out 2,500 $5.1Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 16 $459.8M GLD, UNIT, CZR, ADT, SVC Q1 2026 17 $553.9M GLD, UNIT, TSLA, ADT, ALVO Q4 2025 13 $269.4M GLD, UNIT, ADT, ALVO, AAM Q3 2025 14 $228.7M RSP, UNIT, ALVO, ADT, OPTU Q2 2025 15 $181.3M IWM, ALVO, OPTU, ADT, GNW Q1 2025 15 $144.4M ALVO, OPTU, ADT, GNW, NVDA Q4 2024 18 $995.7M FBTC, IVV, RSP, ALVO, OPTU Q3 2024 14 $245.7M ARKB, ALVO, OPTU, UNIT, GNW Q2 2024 10 $182.1M ARKB, ALVO, ADT, OSG, UNIT Q1 2024 11 $501.4M ARKB, IBIT, ALVO, GBTC, OSG